The State Bank of Vietnam is considering raising the end-of-day gold position limit for approved lenders from 2% to 5% of their charter capital. The proposed change is intended to give banks greater flexibility in supplying gold to the domestic market and help narrow the persistent gap between local and international prices.
The plan appears in a draft circular that would replace Circular No 38/2012 on gold positions held by credit institutions. Under the draft, banks authorized to produce, import, and export gold bullion and raw gold would be allowed to maintain daily gold positions of up to 5% of their charter capital.
The central bank believes the larger limit could support market stability. As of now, eight commercial banks are eligible for gold production, import, and export under existing rules: Vietcombank, VietinBank, BIDV, Agribank, Techcombank, MB Bank, VPBank, and ACB.
If all eight receive licences and utilize the full 5% threshold, their combined gold positions could reach an estimated 2.56 billion dollars, equivalent to around 20 tons of gold. The calculation is based on an exchange rate of 26,135 VND per U.S. dollar and a global gold price of 3,982 dollars per ounce as of September 30, 2025, according to the central bank.
For institutions permitted only to trade gold bars, and not produce, import, or export, the gold position limit would remain unchanged at 2% of charter capital. No negative gold positions would be allowed.
The State Bank of Vietnam emphasized that any licence to produce, import, or export gold will depend on quotas it grants to each institution. It also maintained that even at a 5% limit, gold positions would remain moderate relative to banks’ financial capacity and would not threaten the safety of the financial system.
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